The unemployment rate unexpectedly fell to 5.7 percent in September.
The official employment survey shows 40,600 more jobs were created in September, with 35,400 of those being full-time positions. The result was much better than expected, with economists originally predicting an increase in the unemployment rate to six percent.
The results go some way to validating the Reserve Bank’s somewhat surprise decision to raise interest rates on Tuesday.
According to JP Morgan’s chief economist, Stephen Walters, the figures highlight the resilience of the Australian economy.
“It’s a strong message, if you believe the numbers, that our economy is substantially outperforming the rest of the world,” he told Reuters.
People who read this, also liked:
Growing population fuels Australian economy
RBA lifts interest rates to 3.25 percent
Mixed reactions over interest rate rise
